In todays section I am going to be looking at 7 different popular credit cards that are available in Bahrain.
The reason i am doing this is because many people often ask me about purchasing online. They also ask about the safety of using a credit card online in Bahrain, and ask where they can get a credit card in Bahrain and want to know the difference between all the different credit cards in Bahrain.
This posting is based on an article conducted by FACT magazine, and the figures and numbers are correct at this time, i.e. July 2008!
Firstly also worthy to note is that Credimax have internet prepaid purchasing cards, while available at certain banks. It is so much faster to go direct to Credimax and order from their main branch in Al Hedaya Building- which is located near the bbk branch at Baab Al-Bahrain.
It is possible to call them on: 17207207
This will take 4 days if you order directly with them
Ordering an internet prepaid credit card in Bahrain from any other branch (i dont want to mention names) has been known to be EXTREMELY inefficient and takes longer than two weeks!
OK lets compare the Bahrain Credit Cards:
1. Credimax credit card:
Phone number: 17207207
Interest: 1.8-1.85%
Minimum Payment: 5% or 10 B.D. (whatever is higher)
Annual charges: None
2. Ahli United Bank Bahrain Credit Card:
Phone number: 1758 5858
Interest: 2.5% – 1.75%(for gold credit card)
Minimum payments: 3% of outstanding
Annual Charges: 10 B.D. annual (first free)- None for gold card
3. BMI Bahrain Credit Card:
Phone number: 1721 8686
Interest: 1.6% – 1.5% (gold)
Minimum Payments: 5% of outstanding
Annual Charges: None
4. Citibank Bahrain Credit Card:
Phone number: 1758 2484
Interest: 2.59% – 2.69% (gold)
Minimum Payments: 2.77% or 10 B.D. (whichever higher)
Annual Charges: 25 B.D. – 50 B.D. Gold
5. HSBC Bahrain Credit Card:
Phone number: 1756 9991
Interest: 1.75 – 2.25% (depending on card, 4 types offered)
Minimum Payments: 5% or 10 B.D. (whichever higher)
Annual Charges: 20 B.D. (classic) 30 B.D. (gold)
6. N.B.B. (National Bank of Bahrain) Credit Card:
Phone number: 1721 4433
Interest: 1.84%
Minimum Payments: 5% or 10 B.D. (whichever higher)
Annual Charges: Free first year (contact bank for more info)
7. American Express Bahrain Credit Card:
Phone number: 1755 7755
Interest: 2.2%
Minimum Payments: 5%
Annual Charges: 60$ from second year onwards
The requirements for an Internet purchasing card are extremely relaxed:
Usually just a CPR
Requirements when applying for a credit card are usually:
Passport and CPR
Letter of Employment which states name, length of service, date of joining and salary
Also a bank statement
On a side note, i do not believe in racking up debt unnecessarily, and since this site is all about gaining Money Freedom, Time Freedom and Income Security, let me just say that there is a difference between good debt and bad debt.
Bad debt is buying consumer goods and even assets that ultimately make a financial strain on your income. Good debt on the other hand, is investing in property (not that you will live in) but that you can rent out and cover your expenses.
It is investing in a business opportunity in Bahrain, another country, or even online that will bring you an income which can cover your expenses and allow you to work at home Bahrain business opportunity that is taking the country by storm
muneer1 Uncategorized